Over the last five or 6 years …How To Switch From Sage Accounts To Papaya Global… roles on the company side and also on the vendor side from a payroll point of view so really eagerly anticipating this conversation today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll just provide everyone another number of uh well among the 30 seconds or two to join we all work back to back these days so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on already just to hear where everybody is um it’s nice to to sort of like see where everybody comes from and I actually do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s very extremely gloomy and I want I was elsewhere at this moment in time fine so let’s start our agenda for today is as follows um we are going to be taking a look at the challenge years of handling Global payroll why companies keep different
Virtual payroll accounts are an option to standard savings account for managing payroll payments. This is particularly beneficial for worldwide companies with dispersed and remote labor forces, as it simplifies the complicated procedure of cross-border payments. Instead of keeping separate bank accounts for payroll in various nations, virtual accounts and digital wallets offer a more streamlined option. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are ending up being a tactical asset for payroll executives. We will also offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely efficiently securely and on time throughout this webinar we’ll walk you through the international advantages and disadvantages of a payroll wallet versus a payroll checking account how companies precisely forecast their payroll costs to increase working capital and how improving International payroll payments can turn them from a siled pane into a strategic possession so payroll can be difficult in sufficient in one nation but when you’re doing it worldwide it’s next level and Beyond it becomes intricate for a range of factors most importantly regulations compliance data security and banking rules then there are the large numbers they add more intricacy the global Labor force is presently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion individuals that number is presently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing around the globe in the conventional payroll design there’s often an overwhelming variety of different systems leading to lengthy manual procedures and silos the number of Integrations could be non-existent in large quantities and or extremely very standard there’s no genuine consistency structure we’re living in an age of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which simply blows my mind every time I I believe
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of companies state they have Workforce information in real time that’s another number that gives me sleepless nights and quite honestly the more an organization invests in global payroll the less of a photo they see a lack of exposure likewise encompasses payroll payments and failure to accurately track these payments can lead to compliance accidents in the last mile of the deal almost half of worldwide services have actually revealed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are due to time reporting bad HCM data data entry mistakes improperly interacted hires and terminations in addition to lack management and system setups and then when you round everything off and the data is shipped to the wrong location the typical expense of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around the world payroll and payments do not run smoothly if they count on the necessary numerous processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges company face when they’re making payments to employees or otherwise that’s an excellent concern I constantly toss this back and state what is it what does not require to be included right and what does
it need to be considered there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment amount of time there’s payment abilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s complexity any place you look best eventually constructing a knowledge base is absolutely crucial however all over you look with payroll payment they are like very payments no if but some children about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely basic and technology is permitting us to sort of progress with that it also also to contribute to that payroll and financing require to work closer together um with varying Checking account Particulars varying banking requirements and setup procedures is absolutely essential that payroll and financing groups work closer together than ever um I’m constantly surprised when individuals state I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they split the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so frequently split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people anywhere they are however also paying statutory authorities and on statutory third parties so with the
world we live in and wellness being a growing number of important to add to sort of the level of complexity there’s more and more advantages being organ or being offered by businesses across the world so again you’re simply wanting to include a growing number of payments to this already complicated landscape so if you sort of got any experience well I’m from your huge experience here and I’m sure but have you got any experience in kind of real challenges or genuine challenging kind of pay utilizes to play to pay people I think yeah I imply over the last well yeah a couple of years I would absolutely say that the larger a service gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are groups feeding information into the next function as it were that’s actually managing the payment side of things but you know in in my opinion and my experience that does not necessarily need to be the case you understand long gone are the times where we require to create extra handoffs while doing sos that we operate in they simply make them more prompt they make them less effective and they do not make them what they require to be in in an era of tech and a period that you know that we are operating in today there is no reason we are still making this as hard as it requires to be agreed and appropriately as you said payroll is the single greatest liability that any service has from a cost perspective from an effect point of view on employees it is definitely critical that it’s done properly and on time so what we mean by that is not a day before not a day after on pay day and payments have to be done right it has the greatest harmful effect on people’s wellness and numerous other factors if individuals aren’t paid uh I’ve constantly been astonished coming into this Market type of the last 5 to 10 years is how little thanks the
The payroll team might not have actually been thanked for correctly processing payroll throughout a webinar. If anyone has actually been thanked, it would be excellent to hear their success story, whether it’s from all employees or not. Payroll is an essential cycle, and individuals just observe when things go wrong. Nevertheless, when things go right, it’s seen as simply a regular task. This is how it’s perceived externally as well. Therefore, it is essential to guarantee that jobs like Wi-Fi Global and other vital matters are done properly. Utilizing the very first Worldwide Payments very first payroll payment service is a fantastic initial action towards offering an extensive payroll solution for employees worldwide. Standardization, international procedures, and decreasing the variety of tools, platforms, and savings account required for international payroll are key factors in achieving organization success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of complaints when things don’t go as prepared. Eventually, we don’t do it for the appreciation.
anyway we know how how important a role it is and that’s why we do it that’s why we get on with it and this is why we’re talking today about making it as simple as possible for everyone that’s associated with those processes and likewise so picture sorry I’m just I was just gon na state imagine the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re speaking about hundreds of thousands potentially Millions think of getting that lots of thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an interesting task trying to clean up all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to browse them and actually see what was going on and kind of try to get back to everybody so moving on appearance why do business select to primary different bank accounts there are How To Switch From Sage Accounts To Papaya Global organizations out there doing precisely this for specific nations and I have actually worked in a company or lots of businesses doing exactly that I can state it doesn’t constantly feel effective and it does develop more work I understand we’re not purposely doing that we’re not producing extra work for any person where we don’t have to and anybody that’s handling that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I think lots of factors one is it’s the standard I think individuals have got so utilized to we require a new bank account we open an entity and appropriately so you require it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the standard individuals have actually embraced and continue to do over years and years gone past to add to that people have looked at things like trust accounts and lots of other ways um to to kind of do it so I think there’s a variety I believe this is a process that needs looking at it needs altering however eventually people are really stuck with what they recognize
with best um modification is a difficult thing we all don’t like modification um so I think it’s just type of moving away from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I understand certainly the advantages of having maintaining multiple savings account however there’s a big quantity of complexity chooses establishing a checking account keeping it ensuring it can send out International transfers guaranteeing it’s established with the ideal user accesses for specific individuals so the intricacy is substantial however I think the honest answer is modification um people have not been able to alter or have not had necessarily the knowledge to really make that change into alternate Solutions other than opening a checking account I believe you have actually struck the nail on the head I believe it is understanding you know and there is an aspect of resistance to alter however we have actually constantly done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what could nearly be identified to be the next Century or two there is a lot to monitor and this technique does present numerous challenges um so Johnny might you inform us about those obstacles yeah of course so there’s a range right there is so
I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has actually gotten another CFO, and with this boosted capability, I have actually successfully secured payments for our 10,000 staff members worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is good. You are worthy of a corner office with a parking space that is closer, considering your achievements. How To Switch From Sage Accounts To Papaya Global